Announcing the Issuance of ACRSD Final Decision Convicting Violator of the Capital Market Law and its Implementing Regulations

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision No. (2861/L.S/2023) of 1444 H., dated 21/09/1444 H., corresponding to 12/04/2023, in the public penal case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Faisal bin Sa'ed bin Wqetan bin Musfer Alzahrani.

The decision concluded with the conviction of the abovementioned individual (in absentia) for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations, for carrying out a securities business work represented in “Advising", by receiving sums of money through his bank account in return for subscribing in a service of providing recommendations regarding shares of listed companies, without obtaining a license from the CMA.

The decision included the imposition of a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (31) of the Capital Market Law, as well as violating Article (5) of the Securities Business Regulations.

Furthermore, any person affected by this violation in this case is entitled to file a compensation claim (as individual or class action) with the CRSD for the damage he/she suffered from due to this violation, provided that such claim is preceded by a complaint filed  with the  CMA on this regard, via the following link: (File Complaint​)

However, the GS-CRSD will announce to the public on its website in case of registering any class action in order to enable the rest of investors affected by such violation to apply to the CRSD to join the class action.